e-Background Material on Customs and FTP (January 2019)
Each country has its own laws and regulations for the import and export of goods into and out of a Country, which its Customs Authority enforces. The import or export of s ome goods may be restricted or forbidden. A customs duty is a tariff or tax on the importation (usually) or exportation (unusually) of goods. The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of goods. Introduction of GST have changed the way of doing business in India due to substantial impact on the international transactions. Even, imposition of additional customs duties under Customs Tariff Act, 1975, has some significant changes. However, it does not disturb the provisions of Customs Act, 1962.
India’s Foreign Trade Policy (FTP) also known as Export Import Policy (EXIM) in general, aims at developing export potential, improving export performance, encouraging foreign trade and creating favorable balance of payments position. It is a set of guidelines or instructions issued by the Central Government in matters related to import and export of goods in India viz., foreign trade. In the era of globalization, foreign trade has become the lifeline of any economy. Its primary purpose is not merely to earn foreign exchange, but also to stimulate greater economic activity
Considering paramount importance of Customs and Foreign Trade Policy for economic growth and impact of GST on it, Indirect Taxes Committee has revised “e-Background Material on Customs and FTP”. This material is designed to provide in depth practical and theoretical knowledge about levy and types of Custom duties, the taxable event, import /export procedure, provisions in respect of warehousing, duty drawback of Customs duty, the baggage rules, impact of GST on various FTP provisions including schemes etc.
e-Background Material on Customs and FTP (January 2019) Click here